McDonald’s Corporation (MCD) quarterly earnings exceeded estimates as price hikes helped offset higher costs and restaurant closures in Ukraine and Russia.
Quarter Highlights:
- The burger giant reported adjusted earnings per share of $2.55 for the second quarter.
- Revenue stood at $5.72 billion versus the $5.81 billion expected.
- McDonald’s reported a second-quarter net income of $1.19 billion, or $1.60 per share, down from $2.22 billion, or $2.95 per share, a year earlier.
- The company reported a $1.2 billion charge related to the sale of its Russian business due to the war in Ukraine.
- Net sales dropped 3% to $5.72 billion, hurt in part by the closure of McDonald’s Russian and Ukrainian restaurants.
- Global same-store sales increased 9.7% in the quarter, driven by strong international growth.
- U.S. same-store sales increased 3.7% in the quarter, exceeding estimates of 2.8%.
McDonald’s Corporation (MCD) is the leading global foodservice retailer with nearly 37,000 locations in over 100 countries. The Corporation operates and franchises McDonald’s restaurants in the US and across the globe with over 90% of its restaurants owned and operated by local, independent businessmen and women. To learn more about McDonald’s Corporation (MCD) and to track its progress please visit the Vista Partners McDonald’s Coverage Page.
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